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The Moat Index

McEWEN INC.

MUX · Materials · $908.8M mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

21/ 100
No moat

The four filters

Pricing power0

Median gross margin 14.2% over 10y, variable.

Returns on capital0

Median ROIC -9.1%, above the 9% hurdle in 0% of years.

Balance-sheet safety66

Net debt/EBITDA 2.5x, no material interest expense disclosed.

Capital discipline37

Owner earnings +5.6%/yr, share count growing (dilution).

Margin of safety

Above valueOn sale
No price data
Owner earnings (normalized)
—
Est. intrinsic value / share
—
Recent price
$16.37
Discount to value
No price data

Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

McEWEN INC. booked $197.6M of revenue in FY2025 in the Materials sector and kept 24.1% of it as gross profit — a moderate-margin business by that measure. After every other cost, 17.4% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $6.0M (FY2012) to $197.6M (FY2025) — about 30.9% a year compounded over 13 years.

It earned 0.4% on invested capital in FY2025, with a median of −13.2% across 17 filed years. The Returns on Capital filter above scores it 0/100.

The balance sheet carried $126.2M of total debt in FY2025 against $34.4M of owner earnings — roughly 3.7 years of owner earnings to retire it all. Balance-Sheet Safety scores it 66/100.

The share count fell 52.8% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 37/100.

Put together: Balance-Sheet Safety is the strongest of the four filters (66/100) and Pricing Power the weakest (0/100), which is how MUX lands at 21/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

FY2008–FY2025 · 18 fiscal years, normalized from MUX’s SEC filings

RevenueSales, as filed$197.6M FY2025
$0$100M$200M2008201420202025
Gross marginRevenue kept after cost of goods24.1% FY2025
0%50%2008201420202025
Return on invested capitalOperating profit on the capital employed0.4% FY2025
−50%0%2008201420202025
Owner earningsCash an owner could take out$34.4M FY2025
$02008201420202025

Gaps in a line mean that item isn’t in MUX’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

3 logged readings since Jul 17, 2026 · append-only, never rewritten

Moat Score over timeLast scored reading of each day, on the 0–100 scale20.7 / 100
0406080100WideNarrowShallowNo moatJul 17, 2026

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — MUX has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Materials context

#185 of 214 scored Materials companies, ranked by Moat Score.

Nearest peers by Moat Score

  1. #183NESR NATIONAL ENERGY SERVICES REUNITED CORP.21.1No moat
  2. #184UUUU ENERGY FUELS INC.20.8No moat
  3. #186KARX Karbon-X Corp.20.6No moat
  4. #187HLX Helix Energy Solutions Group, Inc.19.9No moat

Compare MUX with its nearest peers →All Materials companies on the Index →

Common questions about MUX

Does McEWEN INC. have an economic moat?
Based on its FY2025 SEC filings, the Moat Index scores McEWEN INC. (MUX) 20.7 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 0, returns on capital 0, balance-sheet safety 66, capital discipline 37.
How has MUX's Moat Score changed over time?
The record logs 3 readings since Jul 17, 2026; the latest reads 20.7 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.
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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell MUX. See the disclaimer.

McEWEN INC. (MUX) Moat Score — The Moat Index · Buy Like Buffett